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and angry outburst from elijah cummings. good morning, everyone. chairman isa adjourned the meeting. since when has china's military spending made headlines? since today. the defense budget going up just as the president scaled back here. look at this, it is not real. it is another buzz creator. back to reality. "varney & company" about to begin. ♪
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>> what exactly wanted to fix the problem caused by citizen united. what exactly does that mean? would you please turn the mic on. >> my counsel has advised me that i have not waived my constitutional rights under the fifth amendment. under his advise, i decline to comment. >> you will not tell us who wants to fix the problem. >> on the advice of my counsel, i exercise my fifth amendment right. >> ladies and gentlemen, seeking the truth is the obligation of this committee. i see no point in going further. i have no expectation that lois lerner will cooperate with this committee. >> may i ask my question? >> you are all free to leave,
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but the gentleman may ask his question. stuart: that was intense. it was almost uncomfortable watching it unfold. the main witness said nothing. lois lerner pleads the fifth, again. judge andrew napolitano is here. judge, we want to know what comes next. i have to ask you about cutting the mic. >> that is a violation of the house rules. we both interviewed him. he is a rational guy. i do not know what motivated this. stuart: he adjourned the meeting. >> i do not know what he was going to say. it sounded like he wanted to ask
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her a question. he has the right to put that statement in the record. my guess is that her lawyer and lawyers to the committee were negotiating for immunity. they spoke too quickly. that statement disrupted their negotiations. obviously, she has not been given immunity. once you give community, you give up. stuart: all right. she said nothing.
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we do not know the answers. >> they will probably go back to a private behind the doors negotiation. remember, queen for a day. say whatever you want to say. stuart: how do you know that behind closed doors she tells the truth? >> that maybe the reason they are not giving her immunity. you have to give immunity to the right person.
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she may not be the right person. stuart: becky, you saw it. a service being used by republicans. >> i disagree. a way for us to get at the truth. i think it is the way that we have to get there. he will not drop this. it is just political on the republican side. stuart: do you believe that lois lerner and others in the irs when after you and organizations like you? >> absolutely. stuart: do you believe that
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people in the irs were direct did come either from the administration -- to do what they did to you? >> i do not know that the campaign to reelect obama was responsible, but from e-mails that we have seen, we know that the irs was directly targeting us. no dow about that. >> there is a full-scale ongoing investigation. has anybody contacted you, interviewed you, the fbi are rrs? >> never. i am still waiting. stuart: have you asked to be interviewed? >> if my attorneys want me to, then i would. at this point, i have not been
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asked. i will cooperate in any way that i can if i am asked. stuart: have you achieved the tax status that you requested? stuart: you will not be intimidated in this year's midterm elections. >> we are intimidated by these new rules that have come out by the irs. these new rules will shut us down as a tea party group. stuart: really? they are significant enough to shut you down? >> absolutely. from now on, we cannot have debate or candidate forums within 60 days of a general election or 30 days of a primary. we cannot put anything in an
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e-mail, website, we can no longer do scorecards. this is the heart of what we do. it will jeopardize our tax status. stuart: becky, thank you for joining us. >> thank you for having me on. stuart: let's get to the markets. where are we? ninety-eight minutes. we did get some employment numbers. right now, virtually no movement. the record closes 1873.
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a couple of stocks that we are watching for you very carefully. we saw a lot of guns. it seems to me that the market is telling people want to buy weapons that can be concealed. >> yes. stuart: you cannot walk through an airport metal detector with these guns. charles: the company took market share. they say that they are focusing on new products. the stock probably peaks around 14 for a while. stuart: i want to move on to
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ship all day. global warming could be taking walkable lay off of the menu. >> the sky is not falling. if you look at the statements, it is political in nature. they could be affected by global weather patterns. there is an acknowledgment that there is climate change or global warming. c to three years and ecuadorian
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court ruled that chevron must pay a $9.5 billion settlement to villages that claim to be damaged. the u.s. district court judge ruling yesterday that the american lawyer who represented the villages used corrupt means to secure the settlement. all right, judge, come back in again. >> first of all, this is against texaco which chevron purchased. the trial was in ecuador. chevron has no asset in ecuador. the act of enforcing it, chevron challenged the lawfulness of the judgment. yesterday, a federal judge
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vacated it. they have spent 20 years pursuing texaco and eventually chevron. they have been bribing. i have never heard of this. stuart: you have heard of it now. the washington post today. i cannot show this on tv. it is a picture of the united states president in the oval office. he is sitting in the swivel chair. it has 4 feet. >> the oval office is his workplace. you are about to discuss a
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workplace regulation. he appoints commissioners and enforces it every day. >> a little more on lois lerner. it never fails. he just acquired a document from congressman ices committee. the supreme court dealt a huge blow. everyone is up in arms. they do not like it. they want the irs to fix the problem. stuart: that is daring indeed. president obama wants to spend less on our military.
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terrific history for military purposes. let me tell you, he is steamed today and he is next. ♪
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♪ stuart: stocks down slightly. gold up slightly. nice work if you can get it. one quarter billion dollars. i call that printing money. charles: considering his annual salary used to be 199,000. when he said that was intriguing is the united states becomes overconfident. if that was a story, we certainly have a long way to go. >> overconfident. so far gold up one dollar.
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china has announced a 12% increase in its defense budget this year. that comes a week after the u.s. cut spending here. fox news strategic analyst joins us now. it looks like america is in full-scale retreat. do you agree with that? >> well, yes. seriously, though, you will hear that administration officials dismiss this with saying china's defense budget is barely a quarter of hours. however, they get a lot more bang than we do for our box. they do not have to do with the defense industry cartel. second, they do not treat their
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troops very well. china, while they are still a full generation behind us militarily, in training, they are more than a generation behind. they are coming from behind very fast. china is concentrating on east asia. they have to worry about this. we do not have to worry about the whole globe yet. we are cutting muscles, not that. stuart: you told fox news that palin has one. my question is, what do you think his next target is. >> his next target is ukraine. the question is, when and how will they go after it. for now they have kirby up.
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this there is nothing we can and will not do about it. there are things that we can do to get his attention before he moves into eastern ukraine or tries to, all of ukraine which is his ultimate goal. we will not renounce the terribly one-sided start treaty. the russians gave up. stuart: do you think that this country, at this moment, has a political will to step up ella
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terry spending? to step up our military capability. i suspect that they are more weary after ten years on the battlefield. >> is there an appetite for increased military spending? no, i do not think so. we have to rescue obamacare and give more money at the expense of the working class. as you and i have talked before, the problem with our defense budget is not the size. it is congress that refuses to perform. we could have a much stronger defense at the current budget level if we could eliminate legalized corruption in the defense industry cartel.
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stuart: i am beginning to read your book a second time. thank you, colonel. check this out. the video going viral. saying the hover board has finally arrived. we know that it is not true. what could this star-studded video people voting? we will tell you next. ♪
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we must have encountered a temporal vortex. further analytics are necessary. beam us up. ♪ that's my phone. hey. [ female announcer ] the x1 entertainment operating system, only from xfinity. tv and internet together like never before. ♪ stuart: yeah. new video of what appears to be a working hover board. lots of people talking about it. a pr push by company. the company's website claims it will release a product later this year. that will revolutionize transportation. look closely at the video. you can see a harness attached to the riders.
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to pop stories from colorado. denver feds going to crack down on the celebration. now this one enterprising stoners building shacks. it is located on federal land. pot is sti illegal. shacks knocking them down. pulling them up with dynamite. if you want to light up, do not do it on federal land.
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we put payment stock on deathwatch. the world's largest video retailer. $1.32. this time they're going after jesus and capitalism. setting the record straight next. ♪ people with hearing loss.
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>> there is absolutely something going on. stuart: that was congressman ranking member of the committee there. really exploding in anger after the chairman of the committee cut him off. cut the mic, actually. congressman wanted to ask a question and or make a statement. do you think he was right to be as angry as he was. >> i think that he was right to be upset. if it was something that was incorrect, i would have cut him off. stuart: your interpretation is that he was blocking for her.
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>> yes, i didn't get it out there if he wants. stuart: one of the winners among the dow 30 stocks. charles: hurry up with the reading. [laughter] stuart: minimum-wage strikes hurt the bottom line. they may have to go in for higher pay. sandra, that looks like to me a win for the left. mcdonald's is warning that it may have wages raised. they are saying that they will have to raise prices to offset the rising cost. you may see the mcdonald's when you change. charles: mcdonald's made much
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more money. in fact, their margins were 18%. the margins are already tumbling. stuart: if they do increase the minimum wage, prices have to go out. charles: people already do not want the product. stuart: all right. the dow is down. the price of gold is up, barely. after the break but another example of what online is becoming king of the hill. ♪ ♪
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[ male announcer ] this m has an accomplished research and analytical group at his disposal. ♪ but even more pressive is how he puts it to work for his clients. ♪ morning. morning. thanks for meeting so early. oh, it's not a big deal at all. come on in. [ male announcer ] it's how edward jones makes sense of investing. ♪ ♪ stuart: one of the stocks that is moving today is smith & wesson. they sell a lot of guns. the stock is up 18%. targets tech chief resigned.
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the stock is down 1%. triple day -- chipolte. blaming global warming. sandra smith reached out. the sky is not falling. the stock is down a fracture. united airlines cracking down on carry-on bags. the logo
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♪ stuart: this is ash wednesday. we have a religious discussion for you. jesus was not a capitalist. here is a quote. aggressive capitalists. we have the father joining us on this ash wednesday. was jesus a capitalist, yes or no? >> i think it is absurd to call jesus a capitalist. there was no system of capitalism as we know it.
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did he encourage people to be productive? yes. >> let me put it a different way. the foundation of western civilization -- stuart: did we -- right at a crucial moment. if we can get him back, we will get him back. this is interesting. stuart: lots of parables.
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they never settled. it was always open to interpretation. >> everything that you just specified sounded not only capitalistic, but conservative. stuart: regrettably, i do not think that we can get him back. a news alert for you. now you cannot bait up in bars, nightclubs and other places. one councilmember acknowledged that he could not say for sure whether or not you cigarettes had any negative health effect. the biggest player in retail.
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>> in india, walmart is prohibited by law from selling directly online to a consumer in india. that is now in the rearview mirror. walmart going forward. one of the world's largest marketplaces. the stock down about a half of a percent. stuart: thank you for the reminder. let me introduce you to a man that is helping brick and mortar
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stores. richard, welcome to the program. >> it is coined from the words dynamic and catalog. the first time anyone has been able to produce a digital catalog that one can take and put on their website. >> i am a retailer. can i bring it in and put it on my website? >> catalogs are about discovery shopping. >> i am on the website. what do i get feedback you get to see all the products, but in
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a discovery mode. they take a pdf catalog, shrink it down and you cannot use it. stuart: you have a catalog. it looks like this. you take that. >> we do not do that. we do not want that. >> we are putting these into these beautiful displays. it is too small. you cannot read any of the text. why not optimize the catalog to work online. you can still enjoy the
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shopping. >> i am a big shopper online. you shrink them down and put them on the website. i never read them. they are not fun to look at. >> do you know exactly what you are going to buy every time? >> almost always, yes. >> what happens when you go in that store and you do not know exactly what you want to get.
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if you go into that category, it is painful sometimes. you do not really know what you want. stuart: it is painful for you to explain to me. i go to a website. anybody's website. they have it embedded in their website. i click on it and i see that catalog. i can read it all easily. >> that is correct. stuart: how many customers do you have? >> we already have 150 online stores using the catalog.
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stuart: you are making that catalog a great experience and you are charging the online store for it. >> correct. if you were to produce a print catalog, just the cost of the artwork could be anywhere from 10,000 to $30,000 before you even start printing it. stuart: why did you leave the best to last. question mark. >> we are thinking about making it better. stuart: richard, thank you very much for joining us. sxsw. a musical festival in austin,
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texas. you know who else is popular among millennial's? the nsa leaker, edward snowden. i will explain next. ♪
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stuart: yesterday charles taught us a way to play that facebook drone story. facebook is looking at titan. there is another play on the kind of technology. it is called fuel technology. charles: 24 hours. that is right. stuart: was it here?
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>> no. charles: those big lighters, they are used in fuel cells. about 15 years ago. the hottest spot in the entire market. we did this on a show. three times last may. we are still in it. these guys just did a major project. it is the most efficient clean energy source out there. they will not abandon their clean energy. these companies have ways of getting it done. stuart: you are clearly in a celebratory mood. kandi technologies.
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this is a chinese company. they rent cars, electric cars by that hour and get a government subsidy. you liked it. charles: up 38% from last monday. $14.20. 19.5 now. stuart: thank you, charles. nsa leaker edward snowden will appear from russia via satellite. we are talking technology and snooping. you represent young people. i have to believe that nsa snooping is a real big issue for millennial's like yourself. you do not like this, do you?
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>> i think that young people look at it like a rockstar. they want to learn more. the government is looking at every single tweet. they are just very interested. i think the aclu chair will be interviewing him. what is really interesting about this is young people look at this as a problem. stuart: exactly right. you do not lean to the right. you are in a different place. libertarians have an extremely important role for the young
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vote. >> absolutely. right. i think it has been totally blown up. we want to make sure that our fourth amendment rights and our rights of privacy are being protected. what i mean by that is young people, traditionally believed in a bigger government. they want things to help the poor. four conservatives to make the stretch, they can use the scandal as a way to get the conversation going. stuart: 1157 eastern. a teenager that suit her parents lost. dr. keith ablow puts the whole family on the couch. we have congressman jim turner. he was in the room for the whole thing.
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>> i have not waived my constitutional rights under the fifth amendment and i will decline to answer any question on the subject matter of this hearing. in the new new york, we don't back down. we only know one direction: up so we're up early. up late. thinking up game-changing ideas, like this: dozens of tax free zones across new york state. move here. expand here. or start a new business here... and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go.
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up. find out if your business can qualify at
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observed here on "varney and company". this has been quite a day. lois lerner plead the fifth. republican chairman darrell issa adjourned the hearing, democrat elijah cummings explode in a anger, mike turner was there, he joins us here. the budget is not boring, it is a different plan to win this november. we have gone through it for you. we are shocked at what is in it. you think you have to responsibilities to spend your money? we are on that too. dr. keith ablow on teenagers suing their parents. moments from now the facebook sleuth who said some social media appetizers are wasting
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your money. just drama, passion, here we go. president obama's budget proposal includes a proposal to expand the earned income tax credit. that is a program that gives a check to low-income earners every year. the new proposal is 7.7 million workers get a larger payment and 5.8 million newly eligible for that check once a year. the program is right for corruption, the irs over paid $15 billion through the earned income tax credit in 2012. liz macdonald, more on this. is a corrupt program. liz: tax preparers oversee it, not the irs or age age as, tax preparers, you come in and file the tax return and get direct
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deposit and the earned income tax credit is money that goes out the door, if you are frauds to you take the money and run. the fraud rate is anywhere from 20% to 25% of to 130% fragile the wind out the door. stuart: it is a check that comes in the meal, earned money on the books but very little money, we are giving those people more money and get a check every year and now the president wants to bring in an extra 13 million people who don't have children, newly eligible. liz: bringing more people into the system that they have known for years is broken and rife with fraud. they now how to play and are playing the big time. they get direct a pause a check through the earned income tax credit and get the money and take it and run. stuart: if it is called buying votes. we have more in a second. check the big board. we are down 35 points.
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we got our first look at employment before the big report friday. is there a bright spot? charles: it is an unmitigated disaster. we don't know how much the weather had to do with the. construction is up 14,000. remember the federal number of 48,000, gigantic construction number and we got to salute small business, 59,000 jobs out of 139, medium and large businesses, small business is stepping up carrying the load for the country. stuart: that is a bright spot, small business and construction, all pretty good. the markets, pretty flat when you are down 33 points on the 16,000 index. look at the big names you know hitting new highs. disney, dish network, pandora, yelp, zynga, all of them big names. here is the loser. exxon mobil says oil and natural gas production will remain flat in 2014 and there goes down 2.5%. remember when we told you about
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the facebook like farms populating pages with thousands of fake likes. the farms are hitting facebook adds and costing hundreds of thousands of dollars. is the guy, farmlike, like farm, derek miller who is in new york today. the recap, the astoria farms which click on likes. >> my personal page or page for the business had 80,000 fake likes, can we just get rid of these people? facebook advertising, and unwilling to help. stuart: now you are saying these fake legs by tens of thousands of affecting the usefulness of the advertising and advertising dollars that your facebook to advertisers. >> someone else has come
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forward. magazine pages in toronto spends apparently $600,000 and facebook, and when he actually checked how many click for coming through facebook, a tiny fraction like a quarter of what facebook was telling him. facebook doesn't allow third-party audits, and you have to take facebook's word for it. google and microsoft and yahoo! it seems strange, you have to trust that these lakes are real and you are paying for them. i am not anti facebook. i would love them to fix my problem and contact me. with and we business hours, it is not for a refund, it went astray. and move on with my page with people who want to do that. stuart: you are a community activist?
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>> i would love to see facebook be better, i use it for my business and in ways it can be very useful. stuart: you have no impact. $71 a share on facebook. >> realizing there a problem and advertisers getting a return on investment. we will see that in coming months. stuart: would you extend that to other social networks? >> i was thinking about this, there's a difference between facebook and other types of media marketing and that is if you get a fake click on google it is there for one of. u.s. spending the money and it is gone. if you get a fake like to your page on facebook that like stays with you, these 80,000 likes that i have had have been with me for two years and facebook said they improve their systems so no one should get the same bad experience i had but they have not fixed the problem that happened two years ago. they stick with you and hang around and reduce the engagement of the audience to you because
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they're not real genuine people. stuart: do you have any thoughts on facebook going after this drone company? for the benefit of the audience, their interest in buying tie-in, an organization that puts of these drones like those on the screen that can step for five years or long time without coming down, they can beam the internet to places which don't get the internets. you're the you are not critical of that. >> is a great goal to bring the internet to everyone around world. i work in online education. google has their own plan to launch the internet, be a balloons. these planes are essentially super -- almost satellites in what they do. but it is all about the idea of we need to find more efficient ways to get internet to the developing world. it is a great idea, i would love to see them having all real
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people and not fake people their servicing. stuart: you are an activist? >> just a little bit. only because of the experience i had. stuart: the lead for the right politically? >> neither. you heard from the gentleman before that young people today don't want to be associated with the left for the right. stuart: libertarian? >> i would say so. adam: when you can come back. thank you for being with us. twitter is now using a different measurement to determine how much to reach a tweet gets. lauren simonetti has that story. >> it is called impression. twitter would measure how many people, a number of tweets. they are exposed to tweets but don't necessarily tweet so they're moving forward. the new metric is impression so let me give you an example. the same oscar selfy bradley took, ellen degeneres tweeted. it has been worried tweeted 3.3 million times. if you look at the impression metrics, the exposure of that
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wheat is more like 33 million. this number is key because these tweets are embedded on web site so the exposure is big. that means twitter can get more ads to dollars and they are onto something. fox is down 15% this year. maybe they need this new metric. stuart: really good stuff, thanks very much. than we have less lerner being called to congress to testify once again. the result was no different. listen to this. >> counsel has advised me i have not waive my constitutional rights under the fifth amendment and on his advice i will decline to answer any question on the subject matter of this hearing. stuart: rich edson is with us. what is next for the irs investigation? rich: chairman darrell issa says the investigation will continue. he says it is less than likely the federal judge may tell her to do so. john boehner says he suspects
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the house may vote her in contempt of congress if she doesn't eventually testified but even if they do do that there is reference to the investigation. nine months in the making, she could be working out some type of agreement with the the committee to give her in unity but this is ongoing for so long they have yet to reach such an agreement. we go around in circles and i don't think we will hear from her soon. stuart: curious about stock. tweet as using hash tag asks charles payne, sand ridge energy, you talk about it because you wanted to know what is going on. charles: another thing. i own this in my retirement account. the stock is up recently but has been a dog. management bluet. they have real serious issues with management. stock starting to come on now. i love what they're doing. is a thriller but they used to do natural gas and focus on oil, three insiders with a million shares, that is always a plus.
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i would not sell it. i am holding. i wouldn't want anyone else to buy into fundamentalism prove that stock is above $7. charles: in 2008 this was a $65 stock. there is room to the upside. stuart: how come you got what you consider to be a dog in your retirement. charles: like haley's comment. every now and then it comes around and you can't afford it. stuart: you can't wait 92 years. we got the judge ruling against that team who sued her parents over college tuition. and she just obey her parents's rules? dr. keith ablow is next.
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what'swithout the thinking capitathat makes it real? what's a vision without the expertise to execute it... and the financing to make it grow? whatever your goal, it can change more than your business. whatever your goal, it can change e future. that's wh at barclays, our ambition is to alys realize yours. stuart: breaking news on facebook, still up $2 under
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pressure from gun control advocates. the company agreed to delete posts from users selling illegal guns or offering weapons without background checks with a similar policy will apply to instagram. facebook still up $2. a new jersey teen suing her parents after running away from home. you wanted her parents to continue paying living expenses and private high school tuition. the judge hearing the case denied the teen's request a ruling the parents are not obligated to pick up the tab. not interested in the specifics of this case. i'm interested in the pandora's box which has opened up when teens sue their parents. what do you thing? >> it is up pandora's box because listen, we can't have all american families and that is what it would amount to, living under a sort of damocles, if they disagree with their adolescence or teenage kids
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about what level of support they should receive whether they go to private school or public school, whether they do or don't play football or are part of a traveling football team or lacrosse team that they're going to go to court and get a lawyer and get damages awarded. it puts psychological chill on every family if the judge had allowed this to go forward which hopefully doesn't and gratefully he didn't. stuart: even filing the suit in the first place, making all of this public embarrasses the parents and plenty of other people playing in this game too. the embarrassment factor. >> there is embarrassment, i don't know this family. the fact that this young woman has chosen to live with friends and to not communicate other than some brands with her parents may be she is mistaking the claim on her and to independence and these people linebackers. they could be loving people and
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she could be the one with the problem. but it is not a financial moment, she's 18 years old. she wants to do what she wants to do she might have to do it without their money. stuart: try this one. gary brown doesn't want recreational pot legal in california. the world is pretty dangerous, competitive, need to stay alert in 24 hours a day, more than the pot heads might be able to put together. >> that is interesting, medical marijuana is recreational marijuana. the bottom line is everybody and his brother is getting a prescription from the prescription mill, the doctors to set this up reprehensible. and headaches or backaches with a prescription, there's a place to get marijuana anywhere in california all over the place, got caregivers in maine and
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massachusetts, drug dealers, caregivers who grow for patients, growing for everybody, legalize, tax it and get money to pay for the rehab. stuart: dr. keith ablow, arch opponent of facebook saying facebook is a drug but you are all in favor of legalizing marijuana. >> i wouldn't make facebook illegal. i would have them pay for treatment when there ought to be a class-action suit of people whose say i have been addicted to this and might need some help and you guys should pay for it because you proffered this drug through the internet, you didn't tell me it was addictive, similarly people who grow pot should have a big slush fund of money ready because the word really hasn't gone out. this is the gateway drug, it will get you addictive and lead to less motivation and big lawsuits over it.
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stuart: is there any value in smoking marijuana? just to get your mind away from work or away from your troubles? some people say that is of value. >> here is the thing. many people can use many different drugs recreationally without terrible harm coming to them. they are risking addiction and there is a subset of people who cannot use drugs recreationally and for them they should be alert. it is not worth trying these things because you could become one of those people potentially. do i believe some people can use white marijuana? there are those people. stuart: are you libertarian at heart? >> i think i am a libertarian, i love the truth that hard and getting libertarians are largely allied with the truth but the bottom line is i don't like the intellectual dishonesty, the fact if we give polygraphs to members of congress, 40% of them would have to go home because they broke the drug laws.
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stuart: fare point. dr. keith ablow, thank you for joining us. question. today's economic mess. is it because of too much government would too little government? my take on that is next.
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stuart: lois lerner pleading the fifth, fireworks on capitol hill after congressman darrell issa cut the mic of in elijah cummings. representative mike turner was in a ring when it all went down. he joins us at 12:35. because rich people make the most money they have an obligation to spend it. really? 12:45 we have a guest who says yes, spend it. here is a question for you. is today's economic mess the results of too much government too little? i am sure you had your own answer and the president has his answer too.
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here is my take. his answer is called the budget. the budget doesn't light a fire. it is not likely to be the dinner table topic of choice. got that, understood. if you care about america and where it is headed the president's spending plan deserves a very close look. for example do you think that an extra 13 million people who have no children should get a check and mail from you, taxpayers, simply because they don't earn enough money? that is what the president proposes. how about $1 billion for climate change mitigation? preschool for every 4-year-old in the land, a fund to pay for paid family leave. let's just give the money away. can you say a vote buying? no cuts except defense and absolutely no reform of social security or medicare. overall spending will be $1 trillion tiger every year compared to the spending level when the president took office.
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this is important, this is the way america will be if the president gets his way. we of gone down this road for five years, all government all the time, keep spending, raise taxes, keep borrowing. this is not just a financial plan. this is a political plan. at a fund-raiser last night, the president suggested he could win back control of the house in this year's election, the budget is his game plan for doing that. spend more, buy votes, just ignore obamacare. voters will decide which vision of america should prevail and that is the way it should be. checkout that budget and entered the question, is there too much government or not enough? you have to decide. in the new new york, we don't back down. we only know one direction: up so we're up early.
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up late. thinking up game-changing ideas, like this: dozens of tax free zones across new york state. move here. expand here. or start a new business here... and pay no taxes for 10 years. with new jobs, new opportunities and a new tax free plan. there's only one way for your business to go. up. find out if your business can qualify at
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stuart: a gun stock that is really moving, shares of smith and wesson straight up, up big as handgun sales continue to grow. take us inside the story. >> a big towel for you. huge quarter for smith and wesson, stocks up big time today, they sell more guns specifically a type of gun called the anti polymorphous pistol, for military and police, polymorph for plastic, they're more comfortable if you where
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the line you for a ten or eight hour shift. this is where the ceo says they are putting their money and goes to show you when you see big profits and you see a gunmaker raise their numbers for the entire year and stocks looking good for the year you got to say despite all these laws to curb gun sales people are still buying them even though we are several years after sandy hook. stuart: thanks. lois lerner once again invoking her fifth amendment right and refusing to answer chairman darrell issa's questions this morning but there were a lot of fireworks that came out of the hearing. listen to this. >> you can do that. one private investigation. it is absolutely like that. more than $14 million responding to this investigation. we have identified absolutely no evidence to support allegations
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of a political conspiracy against conservative groups. stuart: congressman mike turner was inside that hearing earlier today. fill in for the audience what happened. congressman darrell issa adjourned the meeting after lois lerner took the fifth. congressman elijah cummings wanted to ask a question. as mike was cut and a man exploded. he said it is a political circus. congress is being used for political purposes. what is your response to that? >> this circus is certainly unfortunate. obscures from the issue the fact that we already know. what do we know? we know the aig issue report that the irs absolutely was targeting individuals, they were targeting individuals based on their political beliefs, we know that. it is in a report. investigation congress is doing is who was doing that? why was it directed? how was that orchestrated and
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who was involved? that is an important investigation. lois lerner taking the fifth indicating she is concerned about criminal prosecution, has made statements and certainly others made statements that would indicate she wouldn't have the information that she had been involved in the decisionmaking and no others were. she is critical to the investigation. i think she is in contempt of the committee and that will be next on the committee's agenda. stuart: when you are prepared to issue a contempt citation to force her return and force her to answer questions under penalty of law. is that the next set? >> i would say he would have my report. this is a woman who stepped forward and began to testify and invoked the fifth, someone critical to the investigation and this is what is important. she is a public person, she was executing functions at the irs where it goes to the issue of public trust and this is about abuse of power where people are more concerned about their government we have to get to the bottom of this, we know the irs
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was targeting people based on their political beliefs, now we need to hold people accountable. stuart: i want to ask about one of the questions darrell issa wanted to ask lois lerner. had to do with something she said to a group at stanford university. we have got the tape, roll it please. >> overturning 100-year-old president, directly. and everyone because you don't like it and the lessons learned to do anything about it, and -- stuart: the irs to fix the problem. not sure whether you could hear the whole sound bite. is that a smoking gun? >> i think indicates an intent and a knowledge on the part of los lerner that requires her to participate through testimony to let us understand what occurred
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here. we know from the ig's report they were targeting conservative. stuart: you want to come forward, tell the truth about that statement and others? >> lawyers said advising the committee and others have determined that because of her initial statement she had not correctly invoked the fifth amendment. if you don't invoke it you waive it, if you waive it you have to testify. the comment and information she had is critical to this investigation. stuart: the left will say you are on a fishing expedition. all you want is the slightest hint of a connection between lois lerner and a campaign to re-elect the president and/or the white house. it is a fishing expedition. your response? >> we are just about getting the truth, every american wants to understand how did this happen, how do we make sure doesn't happen again, we want to pursue that to its conclusion. interesting, the investigation is going on, they want to stop the investigation. don't want to interpret the
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conclusion, they want the investigation not to happen. that is not what the american people want or how you will the government accountable, when it is abuse of power you want answers. stuart: congressman mike turner in that meeting today, all little uncomfortable like a lot of people. thanks for joining us. we appreciate it. quick news alert. school district in wisconsin could be slapped with $2 million in obamacare find. rain now they do give health benefits to part-time employees who work 20 hours. obamacare takes that option away. $2 million in fines. after the break a guest to says because the rich make the most money they do have an obligation to spend it to prop up the economy. the real halftime is next. (announcer) scottrade knows our clients trade
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stuart: verizon in talks with content providers for internet tv services. the chief says the company is looking at a service delivery to broadband as well as wireless airways after dish announced a major deal with disney from its internet tv service. president obama heads to central
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connecticut to but minimum-wage hike on congress to raise the hourly rate of 725. this is after the president unveiled his proposed 2015 budget. nsa whistle-blowers ed snowden will appear from russia by teleconference this coming monday during the south by southwest testimony in texas. is scheduled to discuss surveillance. up next what we call the real halftime report. dow is down 35 but the real halftime report is next. she's kind of special. she makes the whole team better. he's the kind of player that puts the puck, horsehide, bullet. right where it needs to be. coach calls it logistics. he's a great passer. dependable. a winning team has to have one. somebody you can count on. somebody like my dad. this is my dad. somebody like my mom. my grandfather. i'm very pround of him. her. them.
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♪ see what's new at
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stuart: it is time for the real halftime report. joining us is scott kennedy, adam shapiro of the new york exchange. in san francisco, scott, to you first. i want to forecast. how many new jobs will have been created in friday's jobs report please. >> what i would like to see is 150. net will be saved. and i would like to sound the alarm. it is not the weather. we are in trouble here. retailers, it hasn't gotten better since, it can't all be blamed on the flow weather, something is purely wrong here. stuart: that is interesting. i want to get the opinion of michael robinson on the same subject. are beginning worried about the jobs report and what it says about the underlying economy?
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not the weather? >> not yet. i would like to see some refined data. you can't just ignore the weather. i worked construction in kansas city and some days it is too cold to go to work. lots of people don't buy cars in the middle of the lizard, we had record cold all over the united steed's. i would like more data before i say yes or no but i see no reason to be worried if not for the tech sector. stuart: we hear you. some hot stocks will watching today, business insider reports microsoft's chief is making his mark moving key executives around and some out. would this make you become a shareholder? >> it would not. they have been doing this quite a bit like musical chairs at the top. steve ballmer announced one microsoft initiative last july so i see this as more refinement. i would like to see a couple quarters with this new ceo when its operating system, whole operation is up to speed. i would like to see some data.
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it is a decent stock i like it, i don't love it. this is not a catalyst. stuart: when you are close to being removed from this program permanently. chipotle says global warming could take guacamole off the menu because of the rising cost of avocados. the company is calling this nothing more than routine risk factor disclosure. what do you say to that? >> they're hitting a new all-time high, $589 a share, 52 we, 70% gain for the stock and one thing to point out, they are studying the drought in california, what some call the guacamole apocalypse which might have as much as a pre yankee's computer. they can get avocados from mexico, we are the fifth largest producer of avocados so when they have in their sec filing a respected disclosure they might have to discontinue guacamole, don't count on it.
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stuart: that was really telling. we like that. lower profits, lower sales, disappointing forecast from pet smart. liz is here, i thought people said no expense on their pets despite the economy. liz: you clearly spare no expense on your dogs. stuart: bringing that up again? anyway. it is your wife to spend the money. is clearly consumer discretionary stock and other stocks like it. it goes up and down with consumer spending indicators. it is an indicator, not at leading one but a subset. stuart: we got you. good numbers from the maker of jack daniel's, brown-forman, higher after raising its forecast. baghdad and the company reports stronger demand for jack daniel's. that is the stock up.
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>> an all-time high, $87 in change, we are drinking less beer and we are drinking more bourbon, more whiskey, jack daniel's, jim beam, it is all doing well but just for the record there's a bottle of jack daniel's in my office but it was for a story and i did get fox to expensed it but it is still in there. stuart: never heard of that one. got another one for you. liz brought us the story. this e of trans canada, wants to build the keystone pipeline, calls the critics would erect and nonsense. is that right? >> i am sorry for teasing you about your dog. i know you love your dogs. back to the ceo of transcanada, the criticism the keystone pipeline will be polluting and, quote, dangerous, that is, quote, rhetoric and nonsense,
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the keystone pipeline has already gone through five government reviews including nebraska state environmental review and all those reviews, he is saying there are no addition to greenhouse gas emissions, he is optimistic and confident the keystone pipeline will be approved in the coming months. stuart: maybe watches the show. you say the biotech ipos stocks, what are we talking about? >> aspects, therapeutic. and rare diseases. and profits and sales for seven years and a monopoly. we're have an explosion and breakthroughs, 32 ideas from january to day. the average increase is 50%. a great year to be a biotech
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investor. stuart: a great have time report from one and all. we appreciate it. how is this for a headline, the rich need to buy more. and half of the income in america they're not spending it. this person says they are wasting their money on investments that don't create jobs. the stock market surged 26%, the economy will grow 1.9%. let's bring in economist kimberly -- you think because people have got money they have an obligation to spend it? can't they see fit? canned they invested if they want to? >> sure they can. and that is why they are rich. and a half but patriotic duty. stuart: that where does this
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patriotic duty come from? >> oh my goodness no. the best financial interests, the demand isn't there. and halloween spending was not there, the stock market went up 30% last year and the economy went 1.9% so the average american doesn't have the disposable income they did before the recession. since the income inequality has gone worse, it is going to the rich. and they create jobs, more topline revenue. and going sustainably. stuart: if they don't spend it you would tax them, take it off of them and spend it for them, that is a serious question, i am
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not being facetious. >> to some extent they need to to pay their fair taxes as they should. and from social security -- stuart: the bottom line is you think the rich should pay more in taxes. that is the bottom line and they should be have it taken off of them, the government should take it and the government should spend it. do you think that is how we get growth in the united states of america? >> instead of buying one, $7,000 purse they should buy 100, $70 purses to create jobs. and the other top superwealthy, we have to get this economy going. what is the best way to create jobs for americans and do that? stuart: investment create jobs,
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you know that. it is not sustainable. the revenue, topline revenue. stuart: in vestment is not sustainable at this point? >> the top line revenue was not there for these businesses. they were cutting costs to get their earnings and the stock market is based on earnings. and they are free to do capital expenditures because they know the demand is there. stuart: come back again, interesting discussion, two side of america are well represented. come back soon. stuart: wrote to announcing a new screening device called the streaming peck of 1200 channel taking a ride at google. we have the story next.
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stuart: roker showing got it streaming stick. loren has details. >> this needs a lot of explanations, and streaming stack, on to the tv taking on
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google land the popular chrome cast came out. and best seller on amazon right now. and reorders now, $15 more, they get 1200 channels. comcast only gives you 14 channels so it is a lot more channels but still you have them. the one negative i see on the streaming stiches you need a separate remote as well so it makes the coffee table better. stuart: that is a negative. one more remote will kill me. thank you very much, good stuff. got to tell everybody a big interview is coming up on fox business. liz claman sitting down with israel prime minister benjamin netanyahu. liz is in mountainview with a preview. i think of israel, most people think of israel is an island in a sea of hatred. at inga visit plasm islands of
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technological innovation. >> especially considering we are here in silicon valley. keeping my eye on the road because benjamin netanyahu's motorcade is about to come in to the museum behind me. this is a computer history museum where he will be signing an economic pact, an innovation packed and strategic partnership with governor jerry brown in california because israel is that island exactly as you say, considered the start of a nation in a difficult region of the middle east. they have hundreds of startup companies, high-tech, biotech, agriculture, water conservation, their ideas can help silicon valley in the state of california and conversely california can share its ideas with the state of israel. this was the backdrop of so much drama what is going on with vladimir putin and crimea and that ship that was seized, it
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was in the red sea and this is something where there were some rockets on the ship and is really naval experts manage to intercept. we will be talking at 5:00 eastern with benjamin netanyahu first on fox business, one on one, about all of these issues and about the strategic partnership. we also have a fox business exclusive with the ceo of intel, not only was intel way ahead at the forefront of setting the shop in 1974, you and i remember that but intel was at the forefront of a bunch of other issues like certifying their chips to make sure they are free of conflict minerals. we will talk about that and more coming that. stuart: thanks for sharing that, see you later. more stuart varney next. became big business overnight? ♪ like, really big... then expanded? ♪ or their new product tanked? ♪
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stuart: what a day. confrontation in congress. our viewers are saying to build the pipeline and a tax-and-spend
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budget big-time. what a day. cheryl, it is yours. cheryl: we have a guest coming up representing 41 of those groups that are suing and they want answers from the irs. lots more on that coming up in just a little bit. thank you, sir. it is one of the quintessential movie lights. we will always have paris. now it is almost like all we have is paris. i am cheryl casone and we have a high stake meeting in ukraine going on right now with john kerry and his russian counterpart meeting in the city of life. tensions are mounting it crimea as protesters taught international observers. also happening here, clashing over the irs, the chairman cutting the mike on congressman elijah cummings.

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FOX Business March 5, 2014 11:00am-1:01pm EST

Wall Street news.

TOPIC FREQUENCY Lois Lerner 11, New York 8, America 7, Darrell Issa 6, California 6, Irs 5, Dr. Keith Ablow 5, Elijah Cummings 5, China 5, Chevron 5, Israel 5, The Irs 4, Jack Daniel 4, Mike Turner 4, Ukraine 3, U.s. 3, Obama 3, Benjamin Netanyahu 3, Ameritrade 2, Texaco 2
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